Are you an expert in Etruscan artifacts? It's unlikely that you have the foggiest clue about ancient pottery, yet this lovely vase is certainly extremely valuable. Knowing that it is worth a lot of money, how would you go about selling such an archaeological and aesthetically appealing treasure for maximum profit?There are any number of things you can do. You could put it in the front window of your home and put a "for sale" sign on it; post a flyer in the local supermarket; put it on e-bay; go to the local museum ...etc.
Unless an observant collector of ancient objects d'arte happens to meander by your window, I don't think a lone "for sale" sign is the best strategy to reach the widest audience in the shortest period of time.
This is about marketing. Specifically it is about casting the widest net to attract the largest pool of qualified buyers to purchase your property at the maximum possible price.
There is a saying that "your property is worth exactly what someone will pay for it" That's true, but there's some wiggle room in the word "someone." If only one interested buyer sees your home, then that lone buyer will determine what your home is worth. But what if many qualified buyers see your property, what happens then?
The answer is that your property will sell for a higher price -- specifically at the price that it's worth to the most interested buyer. Just like the sale of your Etruscan vase, you will get the highest price not by exposing your property to the most people, but by exposing it to the most qualified and interested people.
(Broker blasphemy coming up here ...)
Here's the really interesting part: Attracting the most qualified buyers has almost nothing whatsoever to do with your real estate agent. It has almost everything to do with the company that the broker works for!
This probably runs diametrically opposed to what all the real estate agents who are vying for your listing will tell you. It's only natural. We're all trying to differentiate ourselves from the pack. There's nothing wrong with demonstrating your individuality, I strive to do that as well. What I take issue with are all these "custom marketing plans specifically tailored to your property" spiels. The fact is that your property will be marketed to the extent that the brokerage company is able to within the allocated advertising budget. There is nothing inherently wrong with this, remember that everyone wants your property to sell. But is that what's really best for you?
In New York, over 70% of buyers begin their search for a new home online. Over 90% use the Internet to look for properties at some point in the process. Unfortunately this is where most "Mom & Pop" real estate shops come up short. They simply don't have the advertising and marketing muscle to get your property noticed.
There are two separate and distinct halves to the sales process:
- Getting qualified buyers in to see the property.
- Everything else
Moral:
Size matters. Branding matters. Eyeballs matter -- and you want the greatest number of qualified eyeballs as possible looking at your listing. Choose the broker to represent your property that you think is the best fit for your situation, but consider just as carefully his or her company because that directly determines the size and quality of the pool of prospective buyers your listing will be favorably exposed to.
Footnote:
Did you notice that I use the word "qualified" a lot? It's important. "Qualified" simply means financially and emotionally ready, willing and able to make a purchase. There is nothing wrong with "unqualified" people, but they are not going to buy your property. Having your Etruscan vase exposed to millions of potential buyers on Craig's List is wonderful, but having only one hundred "qualified" museum curators exposed to your vase may be more beneficial to you in the long run.
Reach me at: michael.sussilleaux@gmail.com
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